Sep 18 (Renewables Now) - The European Investment Bank (EIB) is considering extending a framework loan for renewable energy projects in Italy, the lender said on Friday.
The proposed financing will be provided to renewable energy operators throughout the country and will back the development of small to medium-sized renewable energy schemes. The most preferred technology will be wind power but geothermal, biomass and solar power will also be considered. Most of the projects will be located in convergence regions.
The initiative is expected to require a total investment of EUR 500 million (EUR 597.3m). EIB did not provide information on the amount it plans to extend.
The goal of the project is to support the renewable energy targets of the European Union (EU) and Italy. The Mediterranean country aims to achieve a 17% renewables share in its gross final energy consumption by 2020.
(EUR 1.0 = USD 1.195)